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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum
GLD 451.79+1.8%Jan 22 4:00 PM EST
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To: dalroi who wrote (99720)4/3/2013 7:52:26 PM
From: Maurice Winn2 Recommendations  Read Replies (1) of 219657
 
For Americans there is a problem because banks in countries B, C, D, E, F, G ... won't open accounts for them because it's hazardous to the bank's health to have Americans on the books. <Problem with shifting money from bank to bank is

that one needs to shift from bank a in country a to another in another country >

In the NZ context, banks are on their own and have to avoid losing shareholders' funds. The governments new "haircut" proposal for depositors includes wiping out the shareholders and some creditors. So the government's intention is to force shareholders to stop being silly, and stop taking risks on the basis that the worst that would happen is that the government would do another BNZ style bailout [$600 million in 1989]

Mqurice
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